Speaking at the ceremony, Mr Cheung said youth development is one of the priority policy areas of the current-term Government, adding the Government is committed to nurturing Hong Kong youths into becoming future pillars of society with an affection for Hong Kong, a sense of national identity, an international perspective and a commitment to society.

The commission was set up last year to enhance policy co-ordination within the Government to enable more holistic and effective examination and discussion of issues of concern to young people.

These issues include youth education, career pursuit and home ownership, as well as the participation of young people in politics and their engagement in public policy discussion and debate.

Mr Cheung hoped the youth ambassadors could seize the opportunities and actively participate in activities organised by the programme to deepen their understanding of Hong Kong, the country and the world.

The YDC Youth Ambassadors Alumni Association has also been set up. It provides a platform for the youth ambassadors of previous years to continue to serve the community.

Chief Secretary Matthew Cheung today chaired the third meeting of the Commission on Children, during which members agreed to conduct a Consultancy Study to develop a Central Databank on Children.

The study is expected to commence in the third quarter and would take about 18 months to complete.

It will provide analysis and recommendations on the implementation framework and related issues. Public engagement will be conducted to collect views from stakeholders, particularly children.

The commission also agreed to introduce the Funding Scheme for Children’s Well-being & Development, which is expected to be launched in the second quarter.

Mr Cheung said the scheme would enable child concern groups, non-governmental organisations and other groups to seek funding for promotional and public educational projects on children-related issues and, through participation by children and stakeholders, promote the well-being and development of children.

Furthermore, the commission formulated a publicity strategy to promote children’s rights and interests, and set out the discussion priority and time frame for a number of issues concerning children with special needs and children protection.

Netting out the effects of all Government one-off relief measures, the underlying inflation rate was 3%, compared to December’s 2.9%.

Year-on-year price increases were recorded in the month for food, alcoholic drinks and tobacco, housing, miscellaneous services, meals bought away from home, transport, miscellaneous goods, and clothing and footwear.

Year-on-year decreases in prices were recorded for electricity, gas and water as well durable goods.

The department said given the difference in timing of the Lunar New Year, which fell in early February this year compared to mid-February last year, it would be more meaningful to examine the combined January and February figures to assess the underlying inflation situation.

It said the recent moderation in fresh-letting residential rentals could have a mitigating effect in the months ahead. The moderating global economic growth and the earlier strengthening of the US dollar vis-a-vis other major currencies should also help keep external price pressures in check.

The Government will monitor the situation closely, particularly the impact on people with lower income, it added.

Winnie Chiu has been appointed as the Ombudsman for a five-year term from April 1, the Government announced today.

Ms Chiu served in the Police Force for more than 35 years and accumulated rich experience in investigation, operations, policy planning and human resources management, the Government said.

She also possesses outstanding skills in leadership and communication.

As the first female Deputy Commissioner of Police, Ms Chiu commands respect and is well recognised both in the Government and in the community.

Commenting on the appointment, Chief Executive Carrie Lam said she is confident that Ms Chiu will fully demonstrate her independence and impartiality as the Ombudsman.

Ms Chiu’s extensive experience and clear vision will enable the Office of The Ombudsman to further its important mission of improving public administration in Hong Kong, Mrs Lam added.

Ms Chiu will succeed Connie Lau, whose term will end on March 31.

Mrs Lam said under Ms Lau's capable and outstanding leadership, the Office of The Ombudsman has proactively investigated systemic issues and offered constructive recommendations, thereby motivating government departments and public bodies to enhance the efficiency and quality of public services.

Senior Assistant Commissioner of Police Kwok Yam-shu will succeed Winnie Chiu as Deputy Commissioner of Police on March 4 upon Ms Chiu’s retirement, the Police Force announced today.

Mr Kwok, 53, joined the Police as an Inspector in 1990. He was promoted to Senior Superintendent in 2007, Chief Superintendent in 2011, Assistant Commissioner in 2014 and Senior Assistant Commissioner in 2017.

In his first 14 years with the force, Mr Kwok worked in a number of posts including the District Crime Squad, Regional Intelligence Unit and Organised Crime & Triad Bureau.

Between 2007 and 2017, he served as the Head of Foundation Training Centre of Police College, District Commander of Central District, Deputy Regional Commander of Hong Kong Island, Regional Commander of Marine, Regional Commander of Hong Kong Island and Assistant Commissioner (Service Quality).

The Hong Kong Special Administrative Region Government, together with the People's Government of Guangdong Province and Macao Special Administrative Region Government today held the Symposium on the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, to introduce the contents of the development plan and explore the development opportunities of the bay area.

About 800 guests, representing the central ministries and various sectors of Guangdong, Hong Kong and Macau attended the symposium.

Addressing the symposium, Chief Executive Carrie Lam said since the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Greater Bay Area was signed on July 1, 2017, the HKSAR Government has kept in close contact with relevant central ministries and the governments of Guangdong and Macau to draw up and introduce policies and measures for the bay area’s development.

Mrs Lam pointed out that not only is “one country, two systems” the advantage for Hong Kong in the bay area, but it is also the key foundation for the internationalisation of the bay area.

The development of the bay area will enrich the practice of “one country, two systems” and is conducive to maintaining the long-term prosperity and stability of Hong Kong, she added.

Mrs Lam said the HKSAR Government will spare no effort in taking forward the development of the bay area and continue to fully uphold the "one country, two systems" principle.

It will also proactively explore new development directions, expand fresh development space and give renewed development impetus for Hong Kong through participating in the development of the bay area.

Welcome to the symposium on the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area jointly organised by the governments of Guangdong, Hong Kong and Macau. I wish to extend my special gratitude to Deputy Chairman Lin Nianxiu of the Office of the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area and Director General Guo Lanfeng of the Department of Regional Economy of the National Development & Reform Commission (NDRC). They have travelled all the way to Hong Kong from Beijing to introduce the contents of the Outline Development Plan to representatives from various sectors from Guangdong, Hong Kong and Macau. We are also honoured to have Governor Ma Xingrui of Guangdong Province and Chief Executive Chui Sai-on of the Macao Special Administrative Region visiting Hong Kong to set out the key work of Guangdong and Macau in implementing the Outline Development Plan.

Three days ago, the Central Government promulgated the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. It is a national strategy personally devised, personally planned and personally driven by President Xi Jinping. It is not only a key development strategy in the country’s reform and opening up in the new era, but also a further step in enriching the practice of “one country, two systems”. Through further deepening co-operation amongst Guangdong, Hong Kong and Macau, its objectives are to promote co-ordinated economic development in the Greater Bay Area, leverage the complementary advantages of the three places, develop an international first-class bay area for living, working and travelling, and further enhance the Greater Bay Area’s supporting and leading role in the country’s economic development and opening up.

On July 1, 2017, witnessed by President Xi Jinping, the NDRC and the governments of Guangdong, Hong Kong and Macau signed the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Greater Bay Area in Hong Kong. Since then, the Hong Kong Special Administrative Region Government has kept in close contact with relevant central ministries and the governments of Guangdong and Macau to draw up and introduce policies and measures for the development of the Greater Bay Area. The Outline Development Plan is the best manifestation of the close co-operation amongst the three governments and their positive interaction with central ministries. In the process of drawing up the Outline Development Plan, the HKSAR Government put great efforts into reflecting the views our bureaus and departments obtained from consulting relevant sectors and stakeholders. On behalf of the HKSAR Government, I wish to thank the Central Government wholeheartedly for according much importance, and indeed accepting those views of Hong Kong.

On August 15 last year, the first plenary meeting of the leading group for the development of the Guangdong-Hong Kong-Macao Greater Bay Area, chaired by Vice Premier Han Zheng, took place in Beijing. Chief Executive Chui Sai-on and I attended the meeting as leading group members, demonstrating the key role played by Hong Kong and Macau in the Greater Bay Area. In his opening remarks, Vice Premier Han Zheng insightfully elucidated on three issues - why we develop the Greater Bay Area, what kind of Greater Bay Area is to be developed, and how we develop the Greater Bay Area. Today, I also wish to share my views on why Hong Kong needs to proactively participate in the development of the Greater Bay Area and how Hong Kong would do so.

Why Hong Kong should participate in the development of the Greater Bay Area

For many years, Hong Kong has been one of the top performers in terms of global competitiveness, due to its excellent geographic location, its free and open market, as well as its advantages being an international city under “one country, two systems”. Nonetheless, as competition with nearby economies and globally intensifies, the strengths of Hong Kong’s traditional industries are weakening. Today, amidst a slowdown in global economic growth and a rise of protectionism, Hong Kong faces increasingly serious challenges. As such, we must strive to innovate and develop high-value-added and diversified industries, in order to give new impetus to the economy of Hong Kong.

The Guangdong-Hong Kong-Macao Greater Bay Area is an enormous market with a population of 70 million and a gross domestic product of US$1.5 trillion. As one of the most open and economically vibrant regions in China, the Greater Bay Area is well placed to give new impetus to the development of Hong Kong, providing the people of Hong Kong, especially young people, with new horizons and new opportunities for developing their careers. Hong Kong must therefore grasp such invaluable opportunities and proactively take part in the development of the Greater Bay Area to create better conditions for ourselves.

How Hong Kong should participate in the development of the Greater Bay Area

Under “one country, two systems”, Hong Kong enjoys unique dual advantages. On the one hand, Hong Kong is part of China; on the other hand, our economic, legal and social systems are different from those of the Mainland. Hong Kong is a highly open and international city, with a business environment that is open and facilitating, as well as professional services that are of excellent quality. Our strengths can complement the advantages of the nine Mainland cities within the Greater Bay Area, such as the size of their market, an all-rounded industry system, and their relative strength in technology. In fact, taking forward the co-ordinated development of the Greater Bay Area is conducive to further enhancing Hong Kong’s status as international financial, transportation and trade centres, as well as an international aviation hub. In other words, Hong Kong’s role in the development of the Greater Bay Area needs to change from being a connector to being a more proactive participant. Meanwhile, the Government’s new roles of facilitator and promoter, as advocated by the current-term Government, will help Hong Kong take part in the development of the Greater Bay Area, allowing everyone in Hong Kong to become beneficiaries of the Greater Bay Area.

It is therefore evident that “one country, two systems” is not only Hong Kong’s advantage in the Guangdong-Hong Kong-Macao Greater Bay Area, but it is also the key foundation for the internationalisation of the Greater Bay Area. Central leaders have time and again emphasised that in the process of taking forward the development of the Greater Bay Area, the principle of “one country, two systems”, “people of Hong Kong governing Hong Kong” and the “people of Macau governing Macau” with a high degree of autonomy will be strictly adhered to. The development of the Greater Bay Area will enrich the practice of “one country, two systems” and is conducive to maintaining the long-term prosperity and stability of Hong Kong and Macau. It will not, as some people worry, blur the boundaries between the “two systems”, nor will it weaken Hong Kong’s status as a separate customs territory. It certainly will not lead to the assimilation of Hong Kong into the Mainland either.

Future work focuses

To develop Hong Kong into an international metropolis with enhanced competitiveness, we shall follow the guiding directions in the Outline Development Plan, proactively co-operating with relevant central ministries, the People’s Government of Guangdong Province and the Macao SAR Government in jointly taking forward work relating to the development of the Greater Bay Area. The HKSAR Government’s future work focuses include: (i) consolidating and enhancing Hong Kong’s status as international financial, transportation and trade centres as well as an international aviation hub; (ii) developing an international innovation and technology hub; (iii) expanding the scope of development for sectors in which Hong Kong’s strengths lie; (iv) strengthening infrastructural connectivity; (v) fostering youth innovation and entrepreneurship; and (vi) fully utilising Hong Kong’s international connections and networks to promote the Guangdong-Hong Kong-Macao Greater Bay Area overseas and attract capital and talents to the Greater Bay Area. I shall briefly elaborate on our work in the areas of finance, aviation, innovation and youth entrepreneurship.

Financial services

Hong Kong’s status as the world’s premier international financial centre is well recognised. The city is ranked third in the Global Financial Centres Index and holds the top spot in Asia. Apart from our efficient links to other major commercial centres all over the world, Hong Kong has a financial regulatory and supervisory framework that is in line with international standards, as well as a strategic geographic location. Hong Kong can leverage on the development of the Greater Bay Area to promote the efficient flow of factors of production to support the development of the real economy. Meanwhile, we should make good use of the Greater Bay Area’s enormous population and economic scale to promote the development of the financial services sector in Hong Kong. The HKSAR Government has maintained close liaison with the governments of Guangdong and Macau to seek support from the Central Government to implement concrete measures to promote financial co-operation within the Greater Bay Area and promote financial development in the region.

Aviation development

Hong Kong is an international aviation hub. The Hong Kong International Airport connects to over 220 destinations. It handled over 74 million passengers and 5.1 million tonnes of cargo and air mail in 2018. Looking ahead to our future development, Hong Kong International Airport has an important strategic function for both the Guangdong-Hong Kong-Macao Greater Bay Area and the entire country. The three-runway system, which is under construction, will help strengthen connections between the country’s and the world’s flight destinations. The HKSAR Government will continue to support nearby airports in the Greater Bay Area to pursue development jointly based on complementarity and each airport’s uniqueness. We shall also further expand the Greater Bay Area’s domestic and international aviation networks, proactively take forward inter-modal services, expedite the development of general aviation, expand cross-boundary helicopter services, and leverage Hong Kong’s unique role as a centre for manpower training of the aviation industry and for aviation financing and leasing in driving the development of the entire Greater Bay Area.

International I&T hub

The country has all along given staunch support to Hong Kong’s I&T development. In May 2018, President Xi Jinping gave a personal instruction, affirming that Hong Kong has a solid science and technology foundation and high-quality technology talents, and that Hong Kong’s science and technology sector has made significant contributions to the development of Hong Kong and the country. The instruction also supports Hong Kong’s development into an international I&T hub. In line with the spirit of President Xi Jinping’s personal directive, the HKSAR Government benefitted from concrete measures that had the Central Government’s support and co-operation in the past year, including (i) realising cross-boundary remittance of science and technology funding of the Central Government to Hong Kong; (ii) signing a co-operation arrangement with the Ministry of Science & Technology fostering I&T co-operation between the Mainland and Hong Kong; (iii) establishing that the Chinese Academy of Sciences (CAS) will set up an affiliated institution in Hong Kong to facilitate its research institutes to establish their presence in the two research clusters to be set up at the Hong Kong Science Park; and (iv) establishing a Greater Bay Area academician alliance in Hong Kong to promote exchange and co-operation amongst academicians of the CAS and the Chinese Academy of Engineering, bringing prominent scientists in the region to advise on technological development in Greater Bay Area.

In fact, after the planning and investment by the current-term Government in the last year or so, Hong Kong is ready to take on an important role in the work of developing the Greater Bay Area into an international I&T hub. The HKSAR Government’s concrete work on this front includes: (i) actively developing the Lok Ma Chau Loop into the Hong Kong-Shenzhen Innovation & Technology Park; (ii) developing a base for co-operation in scientific research through liaising with top-tier enterprises, research and development institutions and higher education institutions on the Mainland and overseas; (iii) actively pursuing the establishment of the two research clusters at the Hong Kong Science Park on healthcare technologies, as well as artificial intelligence and robotics technologies; (iv) nurturing local I&T talents through measures such as the Postdoctoral Hub Programme and the Reindustrialisation & Technology Training Programme; (v) increasing scientific research funding for universities and providing tax deduction for the expenditures incurred by enterprises on R&D; (vi) introducing the Technology Talent Admission Scheme to enlarge Hong Kong’s I&T talent pool; (vii) establishing the Innovation & Technology Venture Fund to invest on a matching basis in local I&T startups; and (viii) opening up government data and introducing a pro-innovation government procurement policy.

The measures above would strengthen Hong Kong’s own I&T capabilities. Together with the supporting policies in the Outline Development Plan, they will certainly speed up the process of developing an international I&T hub in the Greater Bay Area.

Encouraging youth innovation and entrepreneurship

The HKSAR Government encourages Hong Kong’s young people to participate in the development of the Greater Bay Area and endeavours to provide more opportunities for the development of Hong Kong’s young talents in innovation and entrepreneurship. Our objective is to foster the Greater Bay Area to become a world-class international platform for innovation and entrepreneurship. Through co-operation with subvented and non-governmental organisations, the HKSAR Government will provide young people starting their businesses in various Greater Bay Area cities with startup grants, support, counselling, guidance, and incubation services. We shall also co-operate with the Guangdong Provincial Government to establish an Alliance of Hong Kong Youth Innovative & Entrepreneurial Bases in the Greater Bay Area with a view to providing a one-stop information, publicity and exchange platform, thereby supporting the development of Hong Kong youth entrepreneurs in the Greater Bay Area.

Conclusion

As President Xi Jinping mentioned in his speech at the meeting with the Hong Kong and Macau delegations from various sectors in celebration of the 40th anniversary of country’s reform and opening up on November 12, 2018, the Greater Bay Area is to be developed under the conditions of one country, two systems, three customs territories and three currencies, without any precedents internationally. We should be bold in experimenting in order to break new ground. Hong Kong should improve its inner strength and resilience, as well as strive to create new drivers of economic growth. Facts speak louder than words: with the support of the Central Government, the governments of Guangdong, Hong Kong and Macau implemented in the past year or so many measures for the development of the Greater Bay Area. None of them breached the principle of “one country, two systems”. The HKSAR Government will continue to fully put the principle of “one country, two systems” into practice, as well as proactively explore new development directions, expand fresh development space, and give renewed development impetus for Hong Kong through our participation in the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Speaking of functions of the government, I noticed that Governor Ma Xingrui mentioned at the meeting of the People’s Congress of the Guangdong Province on January 28 that the Guangdong Provincial Government will mobilise every force in the province to take forward the development of the Guangdong-Hong Kong-Macao Greater Bay Area. I also wish to state my position clearly: the HKSAR Government will spare no effort and do everything we can to take forward the development of the Greater Bay Area. Yet this colossal project also requires the participation of enterprises, professional sectors and ordinary people. The promulgation of the Outline Development Plan can help different sectors of society better understand the basic principles and broad policy directions of the development of the Greater Bay Area, such that they can consider how to expand their scope of development through opportunities brought about by the Greater Bay Area. To deepen understanding of the development of the Greater Bay Area in the wider society in Guangdong, Hong Kong and Macau, the HKSAR Government will launch different forms of publicity and promotional activities to allow enterprises and the public, and young people in particular, to understand and grasp the opportunities brought to them by the development of the Greater Bay Area. We also attach greater importance to our overseas promotion efforts. Last June, I led a delegation to Paris, France to conduct promotional activities jointly with the governments of Guangdong and Macau, which were well received. Guangdong, Hong Kong and Macau are planning to go overseas together again this year to jointly promote the Greater Bay Area.

I encourage you all to visit the HKSAR’s dedicated website and our WeChat official account to learn more about the opportunities brought about by the development of the Greater Bay Area. Let us all grasp the opportunities of the development of the Greater Bay Area for a better tomorrow.

This is a translation of the remarks made by Chief Executive Carrie Lam at the Symposium on the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area on February 21.

I spoke last January at the Conference’s third edition, organised under the theme of “Globalisation: the China Perspective and the US Factor.” That spotlight has proved to be far-sighted - as we all know, trade friction between the United States and China, the world’s two largest economies, has dominated political and economic developments since then. And because of globalisation, the impacts of such bilateral tension are affecting many economies, and Hong Kong is no exception. Our GDP growth last year considerably moderated as the year passed by - from 4.6% in the first quarter to 2.9% in the third quarter, and likely to go below 1.5% as forewarned by the Financial Secretary in his weekly blog a few days ago.

While impacts of the trade war will be addressed in one of the sessions in today’s conference, I suggest we seize this opportunity to discuss the bigger, and longer term prospects. After all, as one saying goes, “development is a journey with no end, but with one new departure point after another.” China has proudly gone through a good 40 years of that journey under the reform and opening up policy, bringing significant benefits to her people, including lifting an estimated 700 million people out of poverty. So, let’s focus our mind on the next 40 years of China’s development, which is a well-chosen theme for today’s conference.

Since taking office as the Chief Executive of the Hong Kong Special Administrative Region (HKSAR), I have had the privilege of listening first hand to speeches made by President Xi Jinping on international occasions. These included two APEC CEO Summits held in Da Nang, Vietnam in 2017 and Port Moresby, Papua New Guinea in 2018, the 2018 Boao Asian Forum in Hainan and the first China International Import Expo in 2018 in Shanghai. Several key messages delivered by President Xi on those occasions are, in my view, clear and consistent. As I believe they would shed some light on China’s future development, I venture to offer the impression I have got.

Key messagesThe first message is that the global economy is facing some profound changes brought about by a new wave of technological and industrial revolutions. We are experiencing rapid advances in digital economy and shared economy. Governments have to find new development models or new growth drivers to adapt to such changes in order to ensure continued success and prosperity.

The second message is, as a result of globalisation the economic and social well-being of countries and territories is increasingly interconnected. Governments need to pursue an open policy, defy protectionism and unilateralism, and strive to enhance the level of opening-up at both bilateral and multilateral levels, so that win-win solutions could be found to jointly promote global economic growth.

The third message is economic growth should be more inclusive and deliver benefits to all people. Governments should invest more in education, medical care, employment and other areas that are so important to people’s livelihood, and address poverty and the widening gap between the rich and the poor. They should reach out to disadvantaged groups, improve the business environment, especially for small and medium-sized enterprises, and enable the workforce to better adapt to the industrial and digital transformation so that everyone will have his fair share of opportunity and benefits.

Based on my observation, China is taking to heart those messages through deeds. President Xi has, on many occasions, emphasised China’s continued commitment to reform and opening up. At the opening ceremony of the first China International Import Expo held in Shanghai in November last year, President Xi told the world emphatically that, “China’s door will never be closed. It will only open still wider. China will not stop its effort to pursue higher-quality opening-up! China will not stop its effort to pursue an open world economy! And China will not stop its effort to pursue a community with a shared future for mankind!”

One would hardly be surprised by the president’s strong commitment, given the achievements of China’s reform and opening up over the past 40 years. Hong Kong, I’m pleased to say, has played in what President Xi described when meeting the delegation I led to celebrate the 40th anniversary of the reform and opening up initiative last November, an irreplaceable role in the Mainland’s soaring success story over these past 40 years; we are both a contributor and a beneficiary of the Mainland’s opening up. With our unique strengths under “one country, two systems”, I have every confidence that Hong Kong will continue to benefit and contribute, especially in the context of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt & Road Initiative.

Before I end, I should highlight that the Greater Bay Area, on which an Outline Development Plan has been promulgated earlier this week, has much to offer Hong Kong. Given its significance, the HKSAR Government together with the Guangdong Government and the Macao SAR Government will jointly host a symposium later this morning to discuss the key aspects of the plan. While you may not be able to join us at the symposium, rest assured that you will all have many opportunities to express your views and suggestions in the future. We need you and indeed all Hong Kong people to contribute to its success.

Ladies and gentlemen, to conclude, Hong Kong is proud of our contribution to the country and of our own progress over the past 40 years. As Hong Kong integrates further into the overall development of our country, I am sure our country will continue to make us proud in the next 40 years.

Chief Executive Carrie Lam gave these remarks at the South China Morning Post China Conference on February 21.

The seasonally adjusted unemployment rate stood at 2.8% in the November 2018 - January 2019 period, unchanged from the October-December 2018 period.

Releasing the figures today, the Census & Statistics Department said the underemployment rate also remained at 1.1% in the November 2018 - January 2019 period.

Total employment remained at 3,872,600, while the labour force decreased by 3,600 to 3,974,400 in the November 2018 - January 2019 period.

The number of unemployed people dropped to 101,800 and the number of underemployed people fell to 42,200.

Secretary for Labour & Welfare Dr Law Chi-kwong said compared with a year earlier, the unemployment situation in many major service sectors continued to improve, notably in the retail, and accommodation and food services sectors given the continued expansion in inbound tourism.

“While the labour market will likely remain tight in the near term, the employment outlook for the rest of 2019 will hinge on how the various external uncertainties evolve.”

He said the Government will stay vigilant and monitor the developments closely.

Hong Kong Monetary Authority Chief Executive Norman Chan will retire from his post on October 1.

Financial Secretary Paul Chan thanked him for his outstanding contributions and dedicated service over the past 10 years as the authority’s chief executive.

“Norman has been leading the HKMA since 2009 and has worked tirelessly over the years to strengthen the city’s monetary and banking systems and promote Hong Kong’s position as an international financial centre in Asia.

“I respect his wish and decision to retire upon completion of his second term as Chief Executive of the HKMA.

“In the aftermath of the global financial crisis, the world has been focusing on reforming the international financial system to increase its resilience against future shocks. Norman has played a pivotal role in the international financial system reform agenda.”

Hong Kong has sound and robust monetary and banking systems, the Financial Secretary said, adding the authority’s leadership change would not affect its operation or the stability of the financial system.

"It has been a great honour for me to work with colleagues at the Hong Kong Monetary Authority to safeguard Hong Kong's monetary and financial stability, as well as to enhance our competitiveness and position as an international financial centre,” Norman Chan said.

A Selection Panel chaired by the Financial Secretary will identify the authority's next chief executive.

The Development Bureau today launched a funding scheme under which non-government organisations (NGOs) can apply to pursue basic restoration works on vacant government sites to take forward worthy projects for the community.

The funding scheme will provide successful NGO-applicants with subsidies to support one-off, basic and essential restoration works required to make vacant government sites, including vacant school premises, fit for use.

Such works may include slope upgrading, site formation, construction of temporary structures, installation of fire safety equipment or barrier-free facilities.

The maximum financial subsidy for each approved project is $60 million.

The Legislative Council's Finance Committee has approved the creation of a non-recurrent commitment of $1 billion for the Government to implement the scheme.

The bureau said the funding scheme represents the Government's strengthened efforts in promoting gainful use of vacant government land in support of a variety of socially beneficial initiatives.

The intake of residents of the last three blocks of So Uk Estate in Sham Shui Po commenced today, the Housing Authority announced.

It marks the completion of the estate’s redevelopment.

The new So Uk Estate comprises 14 non-standard residential blocks ranging from 21 to 41 storeys, providing 6,985 public rental housing units for about 19,500 residents.

The authority adopted the estate’s former design concept in the course of redevelopment and conserved community features to enhance residents’ sense of belonging.

The "Three Treasures of So Uk", otherwise known as the Little White House, Swallow Pavilions with its mural ceiling paintings, and the former estate entrance in the form of a gold-painted portal have been preserved.

Phase I of the new So Uk Estate with seven residential blocks was completed from 2016 onwards while the first section of Phase II comprising four residential blocks started the intake of residents from the middle of this month.

Other facilities at the estate include 190 car parking spaces, a shopping centre comprising more than 30 retail shops and recreational facilities such as outdoor play and exercising equipment, badminton courts and a basketball court.

The Government will strengthen promotion of the Guangdong-Hong Kong-Macao Greater Bay Area development following the promulgation of its Outline Development Plan, Chief Executive Carrie Lam said today.

Answering lawmakers’ queries at the Chief Executive’s Question Time, Mrs Lam said the bay area development is closely related to the Hong Kong people.

She noted that the Constitutional & Mainland Affairs Bureau has already set up a website to introduce the bay area, and will use the Outline Development Plan to further elaborate on the details.

The bureau will be co-ordinating the effort, while most of the other policy bureaus will also take part to help related sectors and stakeholders understand the development plan and explore bay area opportunities.

The Chief Executive said the Hong Kong Special Administrative Region Government has a lot to do during the implementation process, including launching initiatives and liaising with the governments of Guangdong and Macau.

She said that more importantly, the HKSAR Government needs to get the support of central ministries and this is where the leading group for the development of the Guangdong-Hong Kong-Macao Greater Bay Area led by Vice Premier Han Zheng will play a key role.

On a question about the development plan’s call for a study on the provision of land-based cross-boundary transfer services for non-emergency and non-critically ill patients, Mrs Lam clarified that the development plan refers to Hong Kong residents.

Currently, if these patients want to come back to Hong Kong for medical treatment, they would be transferred by an ambulance to the boundary crossing, then transferred to another ambulance to be sent to a hospital, she said. The proposed arrangement is to facilitate Hong Kong people on the Mainland to return to Hong Kong for medical treatment, Mrs Lam added.